AMG Files 2024 10-K, Highlights Debt Maturities

TL;DR

AMG's 2024 10-K is in, showing lots of debt due in 2059-2064. Check it out.

AI Summary

Affiliated Managers Group, Inc. (AMG) filed its 2024 10-K on February 14, 2025, reporting on its fiscal year ending December 31, 2024. The company, headquartered in West Palm Beach, FL, operates in investment advice. Key financial instruments mentioned include various junior subordinated notes due in 2059, 2060, 2061, and 2064, indicating significant debt financing.

Why It Matters

This filing provides investors with a comprehensive overview of Affiliated Managers Group's financial performance and structure for 2024, including details on its debt obligations which are crucial for assessing financial health.

Risk Assessment

Risk Level: medium — The filing details significant junior subordinated notes with long-term maturities, indicating substantial leverage and potential interest rate risk.

Key Numbers

• 2024 — Fiscal Year End (Reporting period for the 10-K)
• 2025-02-14 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• AFFILIATED MANAGERS GROUP, INC. (company) — Filer of the 10-K
• 0001004434 (company) — Central Index Key for AMG
• 2024-12-31 (date) — Fiscal year end
• 2025-02-14 (date) — Filing date
• WEST PALM BEACH, FL (location) — Company headquarters and mailing address
• Five Point Eight Seventy Five Junior Subordinated Notes Due 2059 (dollar_amount) — Debt instrument
• Four Point Seven Five Percent Junior Subordinated Notes Due 2060 (dollar_amount) — Debt instrument
• Four Point Two Percent Junior Subordinated Notes Due 2061 (dollar_amount) — Debt instrument
• Six Point Seventy Five Junior Subordinated Notes Due 2064 (dollar_amount) — Debt instrument

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock ($0.01 par value) AMG New York Stock Excha
• $156.23 — trant, based upon the closing price of $156.23 on June 28, 2024 o n the New York Stock
• $708 billion — , our Affiliates managed approximately $708 billion across a broad range of investment styl
• $135 billion — s: Our Affiliates managed approximately $135 billion in private market assets. These Affilia
• $141 billion — s: Our Affiliates managed approximately $141 billion in liquid alternative assets. These Aff
• $316 billion — e: Our Affiliates managed approximately $316 billion in equity assets across a number of di
• $116 billion — fferentiated products and approximately $116 billion in multi-asset and fixed income strateg

Filing Documents

• amg-20241231.htm (10-K) — 5653KB
• amg_exhibit415x12312024.htm (EX-4.15) — 87KB
• amg_exhibit19x12312024.htm (EX-19) — 77KB
• amg_exhibit21x12312024.htm (EX-21) — 34KB
• amg_exhibit23x12312024.htm (EX-23) — 4KB
• amg_exhibit311x12312024.htm (EX-31.1) — 11KB
• amg_exhibit312x12312024.htm (EX-31.2) — 11KB
• amg_exhibit321x12312024.htm (EX-32.1) — 6KB
• amg_exhibit322x12312024.htm (EX-32.2) — 6KB
• amg-20241231_g1.gif (GRAPHIC) — 15KB
• amg-20241231_g2.jpg (GRAPHIC) — 77KB
• 0001004434-25-000010.txt ( ) — 22859KB
• amg-20241231.xsd (EX-101.SCH) — 101KB
• amg-20241231_cal.xml (EX-101.CAL) — 122KB
• amg-20241231_def.xml (EX-101.DEF) — 461KB
• amg-20241231_lab.xml (EX-101.LAB) — 1116KB
• amg-20241231_pre.xml (EX-101.PRE) — 792KB
• amg-20241231_htm.xml (XML) — 5058KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 18 Item 1C. Cybersecurity 18 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. [Reserved] 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 79 Item 9A.

Controls and Procedures

Controls and Procedures 79 Item 9B. Other Information 79 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 79 PART III Item 10. Directors, Executive Officers and Corporate Governance 80 Item 11.

Executive Compensation

Executive Compensation 80 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 80 Item 13. Certain Relationships and Related Transactions, and Director Independence 80 Item 14. Principal Accountant Fees and Services 80 PART IV Item 15. Exhibit and Financial Statement Schedules 81 Item 16. Form 10-K Summary 81 1 Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements Certain matters discussed in this Annual Report on Form 10-K, in our other filings with the Securities and Exchange Commission (the "SEC"), in our press releases, and in oral statements made with the approval of an executive officer may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These our financial results, our liquidity and capital resources, and other non-historical statements, and may be prefaced with words such as "outlook," "guidance," "believes," "expects," "potential," "preliminary," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "projects," "positioned," "prospects," "intends," "plans," "estimates," "pending investments," "anticipates," or the negative version of these words or other comparable words. Such statements are subject to certain risks and uncertainties, including, among others, the factors discussed under the caption "Item 1A. Risk Factors." These factors (among others) could affect our financial condition, business activities, results of operations, cash flows, or overall financial performance and cause actual results and business activities to differ materially from historical periods and those presently anticipated and projected. Forward-looking statements speak only as of the date they are made, and we will not undertake and we specifically disclaim any obligation to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of events, whether or not anticipated. In that respect, we caution readers not to place undue reliance on any such forward- looking statements. References throughout this report to "AMG," "we," "us," "our," the "Company," a

Business

Item 1. Business Overview AMG is a strategic partner to leading independent investment firms globally. Our strategy is to generate long-term value by investing in high-quality independent partner-owned firms, which we refer to as "Affiliates," through a proven partnership approach, and allocating resources across our unique opportunity set to the areas of highest growth and return. We believe that high-quality, partner-own ed firms have fundamental competitive advantages in meeting client objectives. With their entrepreneurial, investment-centric cultures, and deep alignment of interests with clients through direct equity the ability to act nimbly to capitalize on market movements, enabling them to offer unique return streams to the marketplace. AMG's distinctive partnership approach magnifies the existing advantages of our independent Affiliates and actively supports their ongoing independence and ownership culture. Our innovative model enables each Affiliate's management team to retain autonomy and significant equity ownership in their firm, while they leverage our strategic capabilities and insight, including access to growth capital, product strategy and distribution through our capital formation capabilities, succession planning, and strategic advisory, to expand their reach, diversify their businesses, and enhance their long-term success. Given that our Affiliates operate across alternatives and differentiated long-only strategies, we believe AMG is highly diversified. Our Affiliates manage numerous differentiated strategies across a range of return-oriented asset classes and structures across alternatives (including private markets and liquid alternatives) and differentiated long-only (including equities and multi-asset and fixed income). We have built a highly diversified portfolio of Affiliates over time, and the

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View this 10-K filing on SEC EDGAR